ACIT, CIRCLE-7(1) vs. SYSTEM AMERICA INDIA LTD.,,

In the result, appeal of the assessee is partly allowed and that of the Department is dismissed

Bench: Shri N.K. Saini & Shri Kuldip Singh

7,00,500/- being ROC fee for the increase in the share capital, the ld. CIT(A) held that it was not an allowable deduction under section 35D of the Act. As regards to the remaining expenses, the learned CIT(A) observed that since the expenses were incurred for public issue but no public issue took place, therefore the expenditure